Far cpa exam - Study guides, Class notes & Summaries

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Governmental fund reporting uses what kind of accounting?Answer - Modified accrual What reports does governmental fund reporting use?Answer - Balance Sheet Statement of Revneues, Expenditures, and changes in fund balances Government-wide reporting uses what kind of accounting?Answer - Accrual What reports does government-wide reporting use?Answer - Statement of net position Statement of activites Leased assets should be reported in government-wide financial statements as a??An...

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The retirement of long-term debt by the issuance of common stock should be presented in a statement of cash flows as a correct answer: Per ASC Topic 230, financing and investing activities which have no effect on cash flows shall be shown either in a separate schedule of noncash financing and investing activities or in narrative form in the footnotes, not in the body of the statement. Opto Co. is a publicly traded, consolidated enterprise reporting segment information. Which of the following...

FAR CPA Exam Final Review Questions with Complete Solutions

FAR CPA EXAM QUESTIONS & ANSWERS 2023/2024 Governmental fund reporting uses what kind of accounting? - ANSWER-Modified accrual What reports does governmental fund reporting use? - ANSWER-Balance Sheet Statement of Revneues, Expenditures, and changes in fund balances Government-wide reporting uses what kind of accounting? - ANSWER-Accrual What reports does government-wide reporting use? - ANSWER-Statement of net position Statement of activites Leased assets should be reported ...

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FAR CPA Exam 2023-Wiley- with complete solutions

FAR CPA Exam Questions and answers. Latest updates, VERIFIED. Revenue T-Account - -Dr. Beg Balance Dr. Revenue Dr. End Balance Cr. Cash Unearned Revenue T-Account - -Dr. Revenue Cr. Beg Balance Cr. Cash Cr. End Balance Prepaid Expense T-Account - -Dr. Beg Balance Dr. Cash Dr. End Balance Cr. Expense Accounts Payable T-Account - -Dr. Cash Cr. Beg Cr. Expense Cr. End What is fair value? - -amount a business receives when it sells an asset or pays when transferring a l...